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TORONTO, Sept. 16 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA)
("Star" or the "Company"), a leading edge technology company focused on
providing Aerospace Solutions to aviation operators worldwide, is pleased to
announce that, at the special meeting held yesterday, shareholders
overwhelmingly approved the following measures:
1. A Shareholder Rights Plan approved by the Board of Directors
August 15, 2008. The Rights Plan has been adopted to ensure the fair
treatment of shareholders in the event of any take-over offer for the
company's common shares. The Rights Plan is not intended to prevent
take-over bids that treat shareholders fairly. The company is not
adopting the Rights Plan in response to, or in anticipation of, any
specific take-over bid or proposal to acquire control of the company.
2. Amendment of the Company Stock Option Plan to increase the number of
common shares issuable under the Option Plan to approximately 20% of
the issued and outstanding Common shares as at the date of the
Meeting.
3. Ratification of the grant of 5.2 million options to certain officers
and consultants in May 2008. At the time of grant, the Company did
not have a sufficient number of available options required in order
to complete the grants and the options were granted subject to
shareholder ratification. The amendment of the stock option plan
noted above provides the required available options and the grants
have now been ratified by the shareholders. Included are 700,000
options granted to Mr. Viraf Kapadia, CEO of the Company, and 600,000
options granted to Mr. Dale Sparks, Chief Technology Officer of the
Company. The options granted to Messrs. Kapadia and Sparks vest over
a period of 12 months, are exercisable at $0.30 per share and have a
term of 5 years.
4. Election of three (3) additional directors, being Mr. Dale F. Sparks,
Chief Technology Officer of the Company, Mr. Robin Riedel and
Mr. Shawn Saulnier, businessmen. The three new directors will serve
with the five directors elected on March 10, 2008 at the last annual
meeting of the Company, being Messrs. Viraf Kapadia, David Tsubouchi,
Ben Soave, Ibrahim Al Hamer and Charles Wyburn.
5. Authorization for the board of directors to fix the number of
directors between the minimum and maximum set out in the Articles of
the Company.
Each of the three new directors will be granted 300,000 options to
purchase Common stock at a purchase price of $0.15 per share. The options vest
over a period of 18 months and have a term of 5 years.
The Company is also pleased to announce the granting of 130,000 options
at an exercise price of $0.15 to the Co-CEO of the Company, Mr. Jean-Louis
Larmor. The options vest over a period of 18 months and have a term of 5
years.
About Star Navigation:
Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the
exclusive worldwide license to its proprietary, patented In-flight Safety
Monitoring System, the first system in the world to feature in-flight
data-analysis, monitoring and diagnostics with a real-time connection between
aircraft and ground. Its real-time capability of tracking performance-trends
and predicting incident-occurrence enhances aviation safety and improves fleet
management while reducing costs for the operator.
Certain statements contained in this News Release constitute
forward-looking statements. When used in this document, the words "may",
"would", "could", "will" and similar expressions, as they relate to Star or
its management are intended to identify forward-looking statements. Such
statements reflect Star's current views with respect to future events and are
subject to certain risks, uncertainties and assumptions. Many factors could
cause Star's actual performance or achievements to vary from those described
herein. Should one or more of these factors or uncertainties materialize, or
should assumptions underlying forward-looking statements prove incorrect,
actual results may vary materially from those described herein as intended,
planned, anticipated, believed, estimated or expected. Star does not assume
any obligation to update these forward-looking statements.
This press release is available on the company's official on-line
investor relations site for investor commentary, feedback and questions.
Investors are asked to visit http://www.agoracom.com/ir/StarNavigation and
view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail
all questions and correspondence to SNA@Agoracom.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
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